AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over SQNS overall, supported by stronger fundamentals and stronger modeled upside.
SQNS
Sequans Communications S.A.
SQNS has lower modeled downside risk, despite its lower overall score.
AAOI Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Under pressure | |
| Weak | |
| Unavailable |
AAOI's revenue is currently strong, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
SQNS Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Weak | |
| Stable |
SQNS's balance sheet is currently stable, but its revenue, profitability and cash flow are under pressure.
AAOI PE Valuation
AAOI has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 18x next year's earnings.
SQNS PE Valuation
SQNS has no meaningful PE right now: it lost money over the past year.
AAOI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
AAOI has the edge over SQNS on the outlook, with more favorable profitability expectations.
SQNS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect SQNS's losses to shrink, with revenue growing.
AAOI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.98 | — |
| Q3 2026 | -$0.42 | +$3.02 |
| Q2 2026 | -$0.77 | +$2.81 |
| Q1 2026 | -$0.65 | +$3.43 |
| Q4 2025 | -$0.64 | +$3.86 |
| Q3 2025 | -$3.44 | -$1.41 |
| Q2 2025 | -$3.58 | -$1.70 |
| Q1 2025 | -$4.08 | -$2.29 |
| Q4 2024 | -$4.50 | -$2.75 |
AAOI is still losing money, but far less than before: $0.42 per share over the past year, against $4.50 at its worst in late 2024.
SQNS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$11.33 | -622% |
| Q1 2026 | -$11.04 | -540% |
| Q4 2025 | -$7.43 | -420% |
| Q3 2025 | -$1.21 | -172% |
| Q2 2025 | $2.17 | +$3.80 |
| Q1 2025 | $2.51 | +$4.52 |
| Q4 2024 | $2.32 | +$4.11 |
| Q3 2024 | $1.69 | +$3.03 |
SQNS has swung to a loss: it lost $11.33 per share over the past year, after a profit the year before.
AAOI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $269.9M | +127% |
| Q2 2026 | $191.9M | +86% |
| Q1 2026 | $151.1M | +51% |
| Q4 2025 | $134.3M | +34% |
| Q3 2025 | $118.6M | +82% |
| Q2 2025 | $103M | +138% |
| Q1 2025 | $99.9M | +146% |
| Q4 2024 | $100.3M | +66% |
AAOI has the edge over SQNS on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -0.5% | +15 points |
| Q2 2026 | -13% | +2.6 points |
| Q1 2026 | -8.6% | +0.3 points |
| Q4 2025 | -8.6% | -2.1 points |
| Q3 2025 | -15% | +10 points |
| Q2 2025 | -16% | +45 points |
| Q1 2025 | -8.9% | +44 points |
| Q4 2024 | -6.5% | +1 points |
AAOI has the edge over SQNS on profitability, with a higher operating margin.
SQNS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $7.5M | -8.4% |
| Q1 2026 | $6.1M | -25% |
| Q4 2025 | $7M | -37% |
| Q3 2025 | $4.3M | -57% |
| Q2 2025 | $8.1M | -16% |
| Q1 2025 | $8.1M | +34% |
| Q4 2024 | $11M | +131% |
| Q3 2024 | $10.1M | +29% |
SQNS's revenue has slid since its 2022 peak: $7M last quarter, down 8.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -127% | -20 points |
| Q1 2026 | -157% | -72 points |
| Q4 2025 | -128% | -81 points |
| Q3 2025 | -477% | -1339 points |
| Q2 2025 | -107% | -69 points |
| Q1 2025 | -85% | +57 points |
| Q4 2024 | -47% | +217 points |
| Q3 2024 | 863% | +964 points |
SQNS's operating margin was −127% last quarter, down 20 points from the same quarter a year ago.
AAOI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$369.9M | -$291.2M |
| Q2 2026 | -$265.3M | -$174.4M |
| Q1 2026 | -$143.6M | -$64.3M |
| Q4 2025 | -$104.6M | -$51.6M |
| Q3 2025 | -$78.7M | -$58M |
| Q2 2025 | -$91M | -$86M |
| Q1 2025 | -$79.3M | -$45.1M |
| Q4 2024 | -$53M | -$48.4M |
AAOI has burned cash in almost every quarter: −$883M over the past year, against −$302M the year before.
SQNS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$9.8M | -$7.3M |
| Q1 2026 | -$16.1M | -$6.2M |
| Q4 2025 | -$2.2M | +$27.6M |
| Q3 2025 | -$14.9M | -$11.6M |
| Q2 2025 | -$2.4M | -131% |
| Q1 2025 | -$9.8M | +$4.1M |
| Q4 2024 | -$29.8M | -$18.2M |
| Q3 2024 | -$3.3M | +$2.6M |
SQNS has the edge over AAOI on cash flow, with more consistent year-over-year improvement.
AAOI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +7.7% | +6.3M shares |
| 1 year | +39% | +24.5M shares |
| 3 years | +168% | +55.1M shares |
| 5 years | +224% | +60.7M shares |
| Available history | +340% | +67.9M shares |
AAOI has 88M diluted shares, up 39% from a year ago.
SQNS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +7.5% | +1M shares |
| 1 year | -41% | -10.4M shares |
| 3 years | -34% | -7.9M shares |
| 5 years | +0.9% | +136K shares |
| Available history | +58% | +5.5M shares |
SQNS has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | $936,391 |
| Q4 2025 | $9.4M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
SQNS spent $10M buying back its own shares over the past year, after none the year before.
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
SQNS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2025 | 1.6x | Healthy |
| Q2 2025 | -0.1x | Net Cash |
| Q1 2025 | -0.0x | Net Cash |
| Q4 2024 | 0.0x | Very low |
| Q3 2024 | -1.4x | Net Cash |
| Q3 2023 | 11.5x | High |
| Q2 2023 | 4.5x | High |
| Q1 2023 | 3.1x | Elevated |
SQNS's net debt is about 1.6 years of its operating earnings (EBITDA), after holding more cash than debt a year ago.
AAOI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 35.1 | Neutral |
| Stochastic | 4.8 | Oversold |
AAOI's weekly RSI is 35 (neutral) and its Stochastic is 5 (oversold).
SQNS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.3 | Neutral |
| Stochastic | 25.3 | Neutral |
SQNS's weekly RSI is 38 (neutral) and its Stochastic is 25 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
SQNS PE vs Technology Sector
SQNS has no meaningful PE right now: it lost money over the past year.
AAOI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $80.2 | 34% below |
| 20 week MA | $100.6 | 47% below |
| 50 week MA | $100.3 | 47% below |
| 100 week MA | $62.3 | 15% below |
| 200 week MA | $36.9 | 43% above |
AAOI has the edge over SQNS on trend strength, trading above more of its moving averages.
SQNS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $2.61 | 6.5% below |
| 20 week MA | $2.77 | 12% below |
| 50 week MA | $3.42 | 29% below |
| 100 week MA | $11.0 | 78% below |
| 200 week MA | $28.3 | 91% below |
SQNS is in a downtrend: it's below all five of its weekly moving averages, and 91% below its 200-week average.
AAOI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $11.5 | $8.77 | -24% |
| 2021 | $8.77 | $5.64 | -36% |
| 2022 | $5.64 | $1.95 | -65% |
| 2023 | $1.95 | $19.3 | +891% |
| 2024 | $19.3 | $37.7 | +95% |
| 2025 | $37.7 | $37.2 | -1.5% |
| 2026 YTD | $37.2 | $52.9 | +42% |
AAOI has the edge over SQNS on returns for 2026, with the stronger performance.
SQNS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $75.0 | $157.3 | +110% |
| 2021 | $157.3 | $120.0 | -24% |
| 2022 | $120.0 | $72.0 | -40% |
| 2023 | $72.0 | $70.8 | -1.7% |
| 2024 | $70.8 | $33.9 | -52% |
| 2025 | $33.9 | $4.76 | -86% |
| 2026 YTD | $4.76 | $2.44 | -49% |
SQNS has finished five years in a row lower, and it's down 49% so far in 2026.